[move] new fungible token example: synthetic currency backed by baske… #1221
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sblackshear
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+ Coverage 80.64% 81.46% +0.81%
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+ Hits 16361 16591 +230
+ Misses 3927 3776 -151
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| /// Needed to deposit a 1:1 ratio of SUI and MANAGED for minting, but deposited a different ratio | ||
| const EBAD_DEPOSIT_RATIO: u64 = 0; |
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Nit: we need to figure out a canonical way of ordering module members.
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| /// === Writes === | ||
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| /// Mint BASKET coins by accepting an equal number of SUI and MANAGED coins |
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I don't fully understand how a Basket works. Why providing an equal number of SUI and MANAGED will generate an equal number of BASKET? Does the pricing of these coins not play a role?
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I believe this system is similar to Uniswap where you get a liquidity token for providing liquidity to one or both of the sides of the pool. It can be improved to support flexible rates for each of the currency. But that's my guess. 😆
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The idea is that the value of BASKET fluctuates with the value of the assets in the reserve.
For a real-life example, SDR is a synthetic currency composed of a basket of USD, EUR, RMB, JPY, and GBP. I will add a comment about this + a link
Similarly, you might want a synthetic currency backed by a basket of NFT's that changes over time (e.g., some DAO's do this https://www.coindesk.com/markets/2022/02/10/flamingodaos-nft-portfolio-is-now-worth-1b/). Probably need a separate example to show how this would work, though.
…t of other currencies Useful to show how to represent a "reserve" via a singleton shared object. A variant of this approach can also be used to issue a token that is backed by a basket of NFT's.
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Spelling out Special Drawing Rights (SDR)
…t of other currencies
Useful to show how to represent a "reserve" via a singleton shared object. A variant of this approach can also be used to issue a token that is backed by a basket of NFT's.